KANEMAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-03-2026 PDF all 12 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €450,000
Estimated: probably between €330,000 and €550,000
Total assets
€335,203▲ 246%
2024 · €96,850
Net result
-€13,364
2024 · €4,751
Working capital
-€48,929
2024 · €37,212
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€2,613
2025
20192025
Net result
-€13,364
2025
lowest quarter of the sector
20192025
Equity
€41,190
▼ 24.5%
2025
middle half of the sector
20192025
Total assets
€335,203
▲ 246%
2025
highest quarter of the sector
20192025
Debt
€294,013
▲ 595%
2025
20192025
Working capital
-€48,929
2025
lowest quarter of the sector
20192025
Solvency
12.3%
▼ 44.0pp
2025
middle half of the sector
20192025
Current ratio
0.43
▼ 1.45
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-4.0%
▼ 8.9pp
2025
middle half of the sector
20192025
Staff (FTE)
2.9
▲ 3.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€24,189-€12,821▼ 47.0%€14,422▲ 12.5%€1,603▼ 88.9%€8,329▲ 419%€10,502▲ 26.1%-€2,613
Net result€16,271--€15,579below the sector's middle half€8,796within the sector's middle half-€2,760within the sector's middle half€2,610within the sector's middle half€4,751within the sector's middle half▲ 82.1%-€13,364below the sector's middle half
Equity€56,736-€41,157within the sector's middle half▼ 27.5%€49,953within the sector's middle half▲ 21.4%€47,193within the sector's middle half▼ 5.5%€49,803within the sector's middle half▲ 5.5%€54,554within the sector's middle half▲ 9.5%€41,190within the sector's middle half▼ 24.5%
Total assets€95,109-€73,809within the sector's middle half▼ 22.4%€70,667within the sector's middle half▼ 4.3%€63,972within the sector's middle half▼ 9.5%€74,310within the sector's middle half▲ 16.2%€96,850within the sector's middle half▲ 30.3%€335,203above the sector's middle half▲ 246%
Debt€38,373-€32,652▼ 14.9%€20,714▼ 36.6%€16,779▼ 19.0%€24,507▲ 46.1%€42,296▲ 72.6%€294,013▲ 595%
Working capital€23,655-€10,861within the sector's middle half▼ 54.1%€6,842within the sector's middle half▼ 37.0%€12,995within the sector's middle half▲ 89.9%€23,572within the sector's middle half▲ 81.4%€37,212within the sector's middle half▲ 57.9%-€48,929below the sector's middle half
Solvency59.7%-55.8%within the sector's middle half▼ 3.9pp70.7%above the sector's middle half▲ 14.9pp73.8%above the sector's middle half▲ 3.1pp67.0%above the sector's middle half▼ 6.8pp56.3%within the sector's middle half▼ 10.7pp12.3%within the sector's middle half▼ 44.0pp
Current ratio1.62-1.33within the sector's middle half▼ 0.281.33within the sector's middle half=1.77within the sector's middle half▲ 0.441.96within the sector's middle half▲ 0.191.88within the sector's middle half▼ 0.080.43below the sector's middle half▼ 1.45
Return on assets (ROA)17.1%--21.1%below the sector's middle half▼ 38.2pp12.4%within the sector's middle half▲ 33.6pp-4.3%within the sector's middle half▼ 16.8pp3.5%within the sector's middle half▲ 7.8pp4.9%within the sector's middle half▲ 1.4pp-4.0%within the sector's middle half▼ 8.9pp
Staff (FTE)1.1-2.8within the sector's middle half▲ 155%2.3▼ 17.9%22.8▲ 40.0%2.9▲ 3.6%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €2,613, after a profit of €10,502 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €335,203
Fixed assets
€297,733 ▲ 17×
Current assets
€37,470 ▼ 52.9%
Equity and liabilities €335,203
Equity
€41,190 ▼ 24.5%
Debt
€294,013 ▲ 595%
Debt's share of the balance-sheet total rises from 43.7% to 87.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€18,125▼
2024 · €20,593
Cash flow
€7,375▼
2024 · €14,842
Quick ratio
0.39▼
2024 · 1.80
Debt to equity
7.14▲
2024 · 0.78
ROE
-32.4%▼
2024 · 8.7%
Interest coverage
1.75▼
2024 · 9.73
Debt ≤ 1 year
€86,399▲
2024 · €42,296
Debt > 1 year
€207,614
Income taxes
€403▼
2024 · €3,653
Staff costs
€125,463▲
2024 · €119,427
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 5 | 2 | 1 |
| full-time | 3 | 0 | 0 |
| part-time | 2 | 2 | 1 |
| in full-time equivalents | 3.9 | 0.9 | 0.5 |
| Average over the year, in full-time equivalents | 2 | 2.8 | 2.9 |
| On a permanent contract | 2 | 2 | - |
| Joined | 39 | 39 | 47 |
| Left | 38 | 40 | 48 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,166 | €2,568 | €1,202 | €301,130 |
| Depreciation and write-downs of the year | €10,079 | €10,534 | €10,091 | €20,739 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €86,947 | €97,856 | €119,427 | €125,463 | ▲ 5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,056 | €5,331 | €7,747 | €10,079 | €10,534 | €10,091 | €20,739 | ▲ 106% |
| Other operating charges640/8 | - | - | - | €1,563 | €2,057 | €1,062 | €673 | ▼ 36.7% |
| Gross operating margin9900 | €71,582 | €102,434 | €102,753 | €100,193 | €118,775 | €141,081 | €144,261 | ▲ 2.3% |
| Operating profit (loss)9901 | €24,189 | €12,821 | €14,422 | €1,603 | €8,329 | €10,502 | -€2,613 | - |
| Financial income75/76B | - | - | - | €6 | €0 | €19 | €31 | ▲ 64.3% |
| Recurring financial income75 | €37 | €7 | €18 | €6 | €0 | €19 | €31 | ▲ 64.3% |
| Financial charges65/66B | - | - | - | €2,367 | €2,497 | €2,117 | €10,378 | ▲ 390% |
| Recurring financial charges65 | €2,129 | €2,221 | €2,306 | €2,367 | €2,497 | €2,117 | €10,378 | ▲ 390% |
| Profit (loss) for the period before taxes9903 | €22,097 | €10,607 | €12,134 | -€758 | €5,832 | €8,404 | -€12,961 | - |
| Income taxes67/77 | €5,826 | €26,186 | €3,337 | €2,002 | €3,222 | €3,653 | €403 | ▼ 89.0% |
| Profit (loss) for the period9904 | €16,271 | -€15,579 | €8,796 | -€2,760 | €2,610 | €4,751 | -€13,364 | - |
| Profit (loss) for the period to be appropriated9905 | €16,271 | -€15,579 | €8,796 | -€2,760 | €2,610 | €4,751 | -€13,364 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €95,109 | €73,809 | €70,667 | €63,972 | €74,310 | €96,850 | €335,203 | ▲ 246% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €33,081 | €30,296 | €43,111 | €34,197 | €26,231 | €17,342 | €297,733 | ▲ 17× |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €33,081 | €30,296 | €43,111 | €34,197 | €26,231 | €17,342 | €297,733 | ▲ 17× |
| Land and buildings22 | - | - | - | - | - | - | €285,913 | - |
| Plant, machinery and equipment23 | - | - | - | €12,274 | €9,525 | €6,583 | €5,520 | ▼ 16.2% |
| Furniture and vehicles24 | - | - | - | €1,466 | €1,266 | €337 | €897 | ▲ 166% |
| Other tangible fixed assets26 | - | - | - | €20,457 | €15,440 | €10,422 | €5,404 | ▼ 48.1% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €62,028 | €43,513 | €27,557 | €29,775 | €48,079 | €79,508 | €37,470 | ▼ 52.9% |
| Stocks and contracts in progress3 | €2,997 | €991 | €2,877 | €2,821 | €2,997 | €3,227 | €3,969 | ▲ 23.0% |
| Stocks30/36 | - | - | - | €2,821 | €2,997 | €3,227 | €3,969 | ▲ 23.0% |
| Amounts receivable within one year40/41 | €268 | €268 | €268 | €268 | €2,986 | €37,572 | €304 | ▼ 99.2% |
| Trade receivables40 | - | - | - | - | €2,719 | €37,304 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €268 | €268 | €268 | €304 | ▲ 13.7% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €57,429 | €39,918 | €23,012 | €25,397 | €40,957 | €37,509 | €25,432 | ▼ 32.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,289 | €1,139 | €1,200 | €7,765 | ▲ 547% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €95,109 | €73,809 | €70,667 | €63,972 | €74,310 | €96,850 | €335,203 | ▲ 246% |
| Equity10/15 | €56,736 | €41,157 | €49,953 | €47,193 | €49,803 | €54,554 | €41,190 | ▼ 24.5% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €36,276 | €20,697 | €29,493 | €26,733 | €29,343 | €34,094 | €20,730 | ▼ 39.2% |
| Amounts payable17/49 | €38,373 | €32,652 | €20,714 | €16,779 | €24,507 | €42,296 | €294,013 | ▲ 595% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €207,614 | - |
| Financial debts170/4 | - | - | - | - | - | - | €207,614 | - |
| Amounts payable within one year42/48 | €38,373 | €32,652 | €20,714 | €16,779 | €24,507 | €42,296 | €86,399 | ▲ 104% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €11,853 | - |
| Trade debts44 | €12,960 | €9,168 | €4,993 | €5,394 | €7,846 | €10,296 | €5,017 | ▼ 51.3% |
| Suppliers440/4 | - | - | - | €5,394 | €7,846 | €10,296 | €5,017 | ▼ 51.3% |
| Taxes, remuneration and social security45 | - | - | - | €8,580 | €15,061 | €22,810 | €16,234 | ▼ 28.8% |
| Taxes450/3 | - | - | - | €6,360 | €10,061 | €11,211 | €6,658 | ▼ 40.6% |
| Remuneration and social security454/9 | - | - | - | €2,221 | €4,999 | €11,599 | €9,575 | ▼ 17.4% |
| Other amounts payable47/48 | - | - | - | €2,805 | €1,600 | €9,189 | €53,295 | ▲ 480% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,271 | -€15,579 | €8,796 | -€2,760 | €2,610 | €4,751 | -€13,364 | - |
| + Depreciation and write-downs630 | €6,056 | €5,331 | €7,747 | €10,079 | €10,534 | €10,091 | €20,739 | ▲ 106% |
| Operating cash flow (approximation) | €22,328 | -€10,248 | €16,543 | €7,319 | €13,144 | €14,842 | €7,375 | ▼ 50.3% |
| Investment in fixed assets (approximation) | - | -€2,546 | -€20,561 | -€1,166 | -€2,568 | -€1,202 | -€301,130 | ▼ 24,960% |
| Change in cash | - | -€17,511 | -€16,907 | €2,386 | €15,560 | -€3,447 | -€12,078 | ▼ 250% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,166 companies had the same profile as KANEMAN has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KANEMAN itself: 0.9% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,166 companies, not a prediction for KANEMAN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 18-03-2026 | 2026-00056289 | |
| 30-09-2024 | micro format | 20-03-2025 | 2025-00050694 | |
| 30-09-2023 | micro format | 12-03-2024 | 2024-00041863 | |
| 30-09-2022 | micro format | 11-04-2023 | 2023-00056483 | |
| 30-09-2021 | micro format | 16-03-2022 | 2022-07800455 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12000025 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-10400308 | |
| 30-09-2018 | micro format | 29-04-2019 | 2019-11400512 | |
| 30-09-2017 | micro format | 13-02-2019 | 2019-05000364 | |
| 30-09-2016 | abbreviated format | 13-02-2019 | 2019-05000365 |